Jeans maker Diesel USA files for bankruptcy

  • News Digest
NEW YORK

Mar 7, 2019-

Diesel USA Inc, the denim and accessory brand known for its jeans, filed for bankruptcy on Tuesday, blaming mounting losses, a sales plunge, expensive leases and cyber fraud. The New York-based unit of Italy’s Diesel SpA filed for Chapter 11 protection from creditors with the US bankruptcy court in Delaware. Its parent is not part of the filing. Diesel USA said it has been the sole distributor of Diesel products in the United States since its 1995 launch. But it said it has not been spared in the recent downturn in the retail sector, having lost money for six straight years as annual sales plunged 53 percent, to $104 million. (REUTERS)

Published: 07-03-2019 12:23

Next Story

User's Feedback

Click here for your comments

Comment via Facebook

Don't have facebook account? Use this form to comment